Bill Text: NY A09089 | 2017-2018 | General Assembly | Introduced

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Bill Title: Establishes an adjustment of income for certain taxpayers equal to the amount of principal and interest paid by the taxpayer on certain educational loans.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced - Dead) 2018-06-14 - held for consideration in ways and means [A09089 Detail]

Download: New_York-2017-A09089-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9089
                   IN ASSEMBLY
                                    January 18, 2018
                                       ___________
        Introduced  by M. of A. RA -- read once and referred to the Committee on
          Ways and Means
        AN ACT to amend the tax law, in relation to an adjustment of income  for
          educational loan payments
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subsection (c) of section 612 of the tax law is amended  by
     2  adding a new paragraph 44 to read as follows:
     3    (44)  In  the  case  of a taxpayer owing money on an educational loan,
     4  there shall be allowed an adjustment for the taxable year of  an  amount
     5  equal  to  the  principal  and  interest paid by the taxpayer during the
     6  taxable year on any educational loan incurred at an institution of high-
     7  er education.  The maximum adjustment allowed in a  given  taxable  year
     8  shall be as follows:
     9    (A)  eight  thousand  dollars  for resident married individuals filing
    10  joint returns and resident surviving spouses;
    11    (B) six thousand dollars for resident heads of households; and
    12    (C) four thousand dollars for resident unmarried individuals, resident
    13  married individuals filing separate returns  and  resident  estates  and
    14  trusts.
    15    A  taxpayer  shall  be  eligible for the adjustment only if his or her
    16  income is at or below the following amounts:
    17    (A) one hundred sixty thousand dollars for resident  married  individ-
    18  uals filing joint returns and resident surviving spouses;
    19    (B)  one  hundred twenty thousand dollars for resident heads of house-
    20  holds; and
    21    (C) eighty thousand dollars for resident unmarried individuals,  resi-
    22  dent  married  individuals  filing separate returns and resident estates
    23  and trusts.
    24    For purposes of this paragraph:
    25    (A) "Educational loan" shall have the  same  meaning  as  provided  by
    26  subdivision four of section six hundred twenty of the education law;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14111-01-8
        A. 9089                             2
     1    (B)  "Institution  of higher education" shall have the same meaning as
     2  provided by paragraph three of subsection (t) of section six hundred six
     3  of the tax law.
     4    § 2. This act shall take effect immediately and apply to taxable years
     5  beginning on and after January 1, 2018.